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Home » Monitoring a position after execution
Silver

Monitoring a position after execution

RamkiBy RamkiOctober 19, 201211 Comments2 Mins Read
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As regular readers know, all wave counts are work-in-progress. I identified 32.55 as a low-risk buy in Silver before it happened with the count that an extended 5th wave was highly likely to finish there. Sure enough, we got a smart rally to 33.10. It was possible to make out that this move was made up of 5 sub waves, although it looked like a leading diagonal. As a trader, I continued to watch the position, still keeping my stop loss at 32.50. When the inevitable correction came down to the 50% retracement level followed by a smart bounce, I was all smiles. The speed of the rally from the end point of wave (2) was also perfect. But I couldn’t relax, because real money is involved. This is no arm-chair analysis. The stop loss had to be moved promptly to the low of wave (2) so that not only we preserve some profits, but also ensure we won’t get taken out by any unexpected event. As it happened, Silver came down and stopped the trade just below the wave (2) low. Then we got another rally, but there is no question of chasing it now. A trade has to work as anticipated. Any recovery after an extended fifth wave down move should be both RAPID and clean!

You now have an example of how one needs to monitor a trade even when it looked good. This is where a good adviser will help. I would have shared with you the need to move the stop loss to 32.80. Without that advice, you would still be thinking that everything is working out just fine. Some others might even attempt buying at 32.60 on the second attempt there, not realizing that professional traders are no longer interested in trading Silver from the long side just now. This is a terrific example for beginning traders to learn from. Nothing in the market is certain. However, we have to take risks at precise levels at the right time. Failure to act at the right time, both to enter a trade and to exit it will cause financial loss.

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View 11 Comments

11 Comments

  1. Ankur Aditya on October 19, 2012 3:30 am

    Dear Sir,
    This was the thing which i wanted you to focus for ur viewers as also written in an e-mail which i sent u yesterday. This art of managing trade is more important than anything else. Technical Analysis gives u a clue to anticipate unfolded move but a trader should be able to hold his/her nerves and act sensibly if his anticipation getting wrong. Latest move of silver is a perfect example which u have demonstrated so well this is the key thing which all traders should learn from u beside Elliot wave analysis.
    Thanks for ur quick response with a practical example.

    Reply
  2. Vasilios Vasiliou on October 19, 2012 11:38 am

    Dear Ramki,
    Greek stock index climbed today at 870 points (+85% from lows). UBS, in its recent technical report, referred to Athens General Index saying that this is the top performance in Europe for 2012. Do you think is worthwhile to post a new article for our index?

    Reply
  3. peter on October 19, 2012 12:57 pm

    HI RAMKI.
    Re SIlver(QXAG)The most important empirically derived rule that can be distilled from our observations of market behavior is that when the fifth wave is an extension,the ensuing correction will find support at the level of the low of wave two of the extension.
    Regards.
    Peter.

    Reply
    • Ramki Ramakrishnan on October 20, 2012 1:02 am

      Peter, that’s correct. This was why I originally planned that trade at 32.60. But as demonstrated in the subsequent update, we have to monitor a position.

      Reply
  4. chauhan on November 3, 2012 6:55 am

    ramki sir it’s not a triangle its a turned a ABC
    and now its returned from weekly 61%, and down by 5% prise
    i dont now whats the wave counts, but mis a opportunity

    Reply
    • Ramki Ramakrishnan on November 4, 2012 8:30 pm

      Chanhan, don’t worry. The markets will always give you plenty more opportunities. Just be patient for the right setup

      Reply
  5. p kuamr on November 11, 2012 9:41 pm

    Sir, i am very new to elliot wave and often get confusion in counting the waves.
    Here, as you have shown wave 1 @ 17110 on june 18, 2012. Why it cant be 17631 on july 10, 2012. Rest every has been made easier by you in following charts.

    Thank you for great learning material

    P.Kumar

    Reply
    • Ramki Ramakrishnan on November 14, 2012 11:31 pm

      Hi Kumar, All wave counting is a work-in-progress. Use Elliott Waves to trade, rather than make predictions! As you gain more experience with the charts you will find it rewarding! Good luck.

      Reply
    • subodh narkhede on January 6, 2013 10:00 am

      Sir,
      I am purchased Five waves to financial freedom
      10 month before. But I didnot receive updated version copy of e-book

      subodh narkhede

      Reply
      • Ramki Ramakrishnan on January 6, 2013 6:02 pm

        Hi Subodh, Could you please see the link on the top right corner of the blog? Click that and follow the guidelines.

        Reply
  6. Raghu on April 3, 2013 7:28 am

    Hello sir, Please updates your views in Gold and Silver .

    Reply

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